If Gov. Rick Snyder orders a team review of Pontiac school district as many expect, an emergency financial manger might be the next step.

However, the board would have other options, such as bankruptcy or a consent agreement that would keep the board in power under the new emergency manager law.

Representatives from the Michigan Association of School Boards explained the new law to the Pontiac Board of Education and about 50 people who turned out for the meeting Thursday morning.

The meeting was called by board President Caroll Turpin, who said she wanted to be proactive in preparing for whatever is to come after the Michigan Department of Education completes its preliminary review and sends its recommendations to Snyder next week.

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If Snyder decides to send in an official review team and it determines the district is in financial stress, the Pontiac Board of Education -- after a public hearing -- would have seven days to pick one of four options, according to a copy of the MASB's presentation.

One option is a consent agreement on remedial measures that could include monitoring by the state and possibly a grant. It would end the district's ability to negotiate with unions after 30 days. If no consent is reached in 30 days, the board will have to choose another option.

The second option is an emergency manager that would act in place of the school board and superintendent with salary and benefits paid by the state. After 18 months, the EFM could be removed by a two-thirds board vote.

The third option is a neutral evaluation process in which the school district meets with creditors to negotiate a settlement to avoid bankruptcy.

The fourth option is Chapter 9 bankruptcy.

Finally, the governor might establish a receivership transition advisory board at the successful conclusion of a financial emergency to ensure financial problems do no reoccur.

"If we are going to go down that road, I hope the administration there talks to us about it in terms of consent agreement rather than an emergency manager," said Dan McCarthy, Michigan Education Association UNISERV director.

McCarthy said he will be meeting with members next week and will tell them what he knows.

"I don't know how we would alleviate people's concerns. Our job is to be candid with them," McCarthy said.